Archive for the ‘Insurance’ Category

We’re pleased to have you meet Carol Einhorn who has much to tell us and lots of excellent advice.  Along with her post, you will find her from now on as one of our ElderExperts.  On that page, you’ll find some questions, based on her outstanding experience, which may help many of you in making a key decision. Carol will be happy to hear from you via responses to this article and the ElderExpert page questions. You will find her very responsive and a wonderful addition to this blog.

Carol EinhornMy New Career by Carol Einhorn

Twenty four years ago to this very day my dad died. Little did I know then that this event, and more specifically the events leading up to his death, would launch me on to a new career.

My Dad, a Certified Public Accountant (as well as a singer, baseball fan and former minor leaguer, and a golfer) was thorough and extremely detail oriented. In his pre-computer world he would not accept even a ten cent discrepancy in tax return calculations and would work assiduously until any errors were resolved. He was an organizer and a planner. One thing he did not plan for, however, was the need for a heart transplant in his mid-sixties. Unfortunately, the surgery and extensive care he needed after the procedure (although the new heart worked just fine, other organs had deteriorated due to the wait for the heart) was extensive, extraordinarily costly and ultimately not successful. Of course, the emotional toll on our family was enormous. In addition, the extraordinary cost of his care was incomprehensible and would have been devastating had the facility not “forgiven” a portion of the cost. I came away from this experience understanding three aspects about our health and aging.

1. Although we can eat right, exercise and take care of our bodies, much of our health is not in our hands.
2. When a loved one dies, the emotions we experience- from anger to sadness, to pain to depression- are authentic and cannot, nor should not, be avoided.
3. The financial aspects of requiring care IS often within our power to control if we take the necessary steps BEFORE there is a crisis.

And so my new career was launched. Already licensed as an insurance agent since my husband was in the insurance business, I left the world of teaching and tutoring high school Spanish and began learning about a relatively new product called Long Term Care Insurance (LTCI). Although LTCI is certainly not a panacea, for many it is an effective way of protecting assets and enabling quality care in one’s own home, a family member’s home, an adult day care setting, an assisted living facility or a nursing home. Whether or not long term care insurance makes sense for an individual depends on a large number of factors. However, for many it is something to consider when doing our pre-retirement or retirement planning.

Over the last twenty three + years, I have met with thousands of individuals considering whether or not long term care insurance makes sense for them and their families, I have testified before the PA State House Insurance Committee, I have served as a consultant for a number of insurance companies, I have authored numerous articles about long term care insurance, I have appeared on T.V. and radio programs discussing the “good, bad and ugly” of long term care insurance. It has been and continues to be a good, rewarding career. I am passionate about what I do and on the anniversary of my dad’s death, I thank him again for helping me find this reward and passion.

Take a look at the questions on the ElderExperts page and feel free to comment or call for more information.

Read Full Post »